The CEO of Open Exchange (OPNX), Leslie Lamb, has criticized some supposed venture capital firms on Twitter for publicly distancing themselves from the company after being named as backers. Lamb called their behavior “disgusting” and “disappointing,” stating that they want the rewards of investment with no risk. The drama began after OPNX tweeted a video of Lamb thanking a list of “major investors,” which included firms such as AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, Token Bay Capital Nascent, and Tuwaiq Limited. Nearly half of the firms listed now deny having invested in OPNX and have disassociated themselves from the project. FLEX, the main token of OPNX, has plummeted over 21% since the public spat played out across Twitter. OPNX is a bankruptcy claims firm established by the founders of bankrupt crypto hedge fund Three Arrows Capital, which received a notice of default in 2022 and filed for bankruptcy in July of that year.
The platform allows investors to buy and sell claims on bankrupt crypto firms and purportedly allows customers to use claims as collateral for trading. OPNX stated that it could expand into other more regulated markets like stocks and equities. According to OPNX, there is potential for expansion into additional regulated markets such as stocks and equities.
